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Canadian Life & Health Insurance Facts // 2024 Edition 2 Life and health insurers provided more benefits to more Canadians than ever before in 2023 contributing to greater financial security, better health and helping to make life more affordable for millions. Supplementary health insurance helped families manage increased drug and paramedical costs. Insurance-based retirement solutions helped Canadians prepare for secure retirements. And life insurance benefits continued to help Canadian families through one of the most difficult events in their lives. Canada's insurers now cover almost 30 million – a record number of Canadians – that includes 27 million with health coverage, 23 million with life insurance and 10 million with retirement annuities. Many have coverage through more than one product. Insurers paid out a record $128 billion in benefits last year – up $14 billion or 13 per cent from 2022. This included nearly $63 billion in retirement benefits, over $48 billion in health benefits and $17 billion in life insurance. While prescription drug costs continued to account for the largest share of health benefits at $15 billion, claims for paramedical services like massage and physiotherapy led the growth of health claims in 2023. Claims for mental health counselling continued to grow, reaching $730 million, more than twice the level of four years earlier. Insurers also did their part to contribute to Canada's economic growth with $960 billion invested in long-term assets. They also contributed $11 billion to the country's tax base including a staggering 80 per cent increase in corporate and federal capital taxes paid in 2023. We hope this edition helps you better understand how life and health insurance products are making life more affordable for so many. Stephen Frank President and CEO

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